IOCL Q3 Results FY2026 reveal a blockbuster quarter for Indian Oil Corporation Limited, with profit jumping 322% to ₹12,126 crore, driven by strong refining margins and rising domestic demand. India’s energy heavyweight Indian Oil Corporation Limited (IOCL) has delivered a blockbuster performance in Q3 FY2026, proving once again why it remains the backbone of the nation’s fuel ecosystem.

Backed by stronger refining margins, rising domestic demand, and disciplined operations, IOCL reported a massive surge in profitability during the December quarter—sending a strong signal to markets and industry watchers alike.

Let’s break down what fuelled this explosive quarter.

IOCL Q3 Results FY2026 – Financial Highlights

IOCL posted a net profit of ₹12,126 crore, marking a staggering 322% year-on-year jump compared to the same quarter last year.

Key numbers at a glance:

• Revenue from Operations: ₹2.32 lakh crore
• Net Profit: ₹12,126 crore (+322% YoY)
• Profit Before Tax: ₹15,992 crore (+361% YoY)
• Earnings Per Share (EPS): ₹8.81

This performance reflects not just favourable crude prices but also strong operational execution across refining, pipelines, and marketing.

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⛽ Refining Margins Steal the Show

The biggest driver behind IOCL’s profit surge was a sharp improvement in refining economics.

• Gross Refining Margin (GRM): $8.41 per barrel (up from $3.69 last year)
• Core current-price GRM: $9.86 per barrel

Higher margins translated directly into stronger cash flows and improved profitability, highlighting the importance of refinery optimisation and throughput efficiency.

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📊 Strong Physical Performance Across the Value Chain

IOCL also reported solid operational growth:

Q3 Highlights

• Domestic product sales: 26.02 million metric tonnes (MMT) (+5% YoY)
• Refinery throughput: 19.43 MMT (+7.3% YoY)

Nine-Month Performance (Apr–Dec 2025)

• Domestic sales: 73.84 MMT
• Refinery throughput: 55.72 MMT
• Pipeline throughput: 77.90 MMT
• Capacity utilisation: 105%

These figures underline IOCL’s ability to run assets at high utilisation while maintaining supply reliability across India.

💰 Government LPG Compensation Boosts Earnings

During Q3, IOCL recognised ₹2,414 crore as part of the government-approved LPG under-recovery compensation package totalling ₹14,486 crore.

This support further strengthened quarterly earnings and improved financial stability.

📈 Nine-Month Financial Snapshot (Standalone)

For the first nine months of FY2026, IOCL reported:

• Revenue: ₹6.53 lakh crore
• Net Profit: ₹25,425 crore (+346% YoY)
• PBT: ₹33,462 crore (+371% YoY)
• EPS: ₹18.46

These numbers reflect sustained momentum beyond just a single strong quarter.

🏗 Consolidated Results Show Group-Wide Strength

IOCL’s consolidated performance mirrored its standalone success:

1. Q3 Consolidated Net Profit: ₹13,502 crore
2. Nine-Month Consolidated Net Profit: ₹28,501 crore
3. Consolidated EPS (9M): ₹20.07

The petroleum products segment remained the primary profit engine, while the gas business delivered steady contributions.

🧾 Healthy Balance Sheet

IOCL maintained solid financial ratios:

• Debt–Equity Ratio: 0.60
• Net Worth: ₹1.92 lakh crore
• Interest Coverage Ratio: 9.63x (Q3)

This places the company in a strong position to fund future energy transition projects.

🌱 Powering India’s Energy Future

Beyond traditional fuels, IOCL continues to invest in cleaner mobility and sustainability, including:

1. 14,000+ EV charging stations
2. Green hydrogen initiatives
3. Expansion of gas infrastructure

These efforts align with India’s long-term energy transition goals while preserving IOCL’s leadership in conventional fuels.

🔑 Conclusion

IOCL’s Q3 FY2026 performance is more than just a profit spike—it’s a demonstration of operational excellence, disciplined cost control, and smart capital deployment.

With refining margins recovering, domestic demand rising, and government support stabilising fuel economics, Indian Oil has firmly positioned itself for sustained growth in FY2026 and beyond.

When India’s energy backbone strengthens, the entire economy feels the impact—and this quarter, IOCL truly fired on all cylinders.

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